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Dollar Holds Steady Against Euro, Yen on GDP

Many investors had priced in a deeper contraction for 1Q

By

James Ramage

Updated May 29, 2015 8:51 a.m. ET

The dollar chops sideways against the euro and yen after a revision for 1Q GDP shows the US economy contracting a bit less than economists forecast, though the numbers still point to an inconsistent recovery. Many investors had priced in a deeper contraction for 1Q, so aren’t moved by the numbers. The euro trading at $1.0988 from $1.0980 ahead of the data, up 0.4% for the session. USD/JPY at 123.91 from 123.92 beforehand. Treasurys draw a slight bid, with 10-year notes now up 4/32 to yield...